Commodity ETP assets hit record $207 bln in Q3

* Gold ETP assets jump to record $151 billion

* Gold seen pausing until Spain asks for bailout

* Outflows in energy, agricultural ETPs

LONDON, Oct 8 (Reuters) - Assets in exchange-traded products
(ETPs) in the commodity sector reached a record of $207 billion
in the third quarter, driven by gold products as central banks
launched new stimulus programmes, ETF Securities said on Monday.

Assets in gold ETPs jumped by $22.7 billion to a record
$151.4 billion as investors worried about the risk of debasement
of currencies as central banks effectively began printing money
again, said Nicholas Brooks, the firm's head of research.

The rise in assets included the impact of both investor
buying and rising prices.

In the short term, Brooks said, investors may hold off
buying gold until Spain requests a bailout, a condition for the
European Central Bank to begin buying its bonds and cut its
borrowing costs.

"To the extent that Spain continues to wait and put off
taking the (bailout) package and that keeps the euro under
pressure and the dollar strong, that will weigh on gold and
broader commodity performance," he told a conference call.

"When they ask for a bailout, and I think they will ... you
could see quite a big rally in gold and possibly broader
commodities."

Spot gold was set for its largest two-day fall in two
months on Monday.

Diversified commodity ETPs recorded the second-largest net
inflows after gold, with $1.1 billion of new purchases, taking
total assets up to $17 billion.

"The broad diversified ETPs have seen good flows, and that
has continued into October, but whether that continues will be
very much dependent on, in particular, how U.S. data pans out
and also whether Spain ultimately asks for a bailout," Brooks
said.

Most other precious metals and diversified industrial metal
funds also saw inflows.

But agriculture and energy products saw outflows as
investors took profits following rallies. Stripping out the
impact of prices on ETP assets, net outflows amounted to $627
million in energy ETPs and $77 million in agricultural products.

ETP Securities is one of the biggest providers of
exchange-traded investment products, with about $30.5 billion in
assets, and tracks global flows in the sector.
(Reporting by Eric Onstad; editing by Jane Baird)